A customer points at a screen displaying a website of Alibaba's Taobao at a rural service centre in Yuzhao Village, Tonglu, Zhejiang province, China, July 20, 2015. REUTERS/Aly Song/Files
SHANGHAI: Chinese e-commerce giant Alibaba Group Holding Ltd said it expected its total value of transactions in the second-quarter to be lower than previously thought, a fresh signal that China's slowdown is taking a bite out of consumer spending.
Alibaba is not the first company to flag the negative impact on sales of a weakening Chinese economy, but its sheer size makes it a bellwether. The company dominates e-commerce in China, where online spending is expected to hit US$1tril (RM4.30tril) by 2019, according to a report by research firm Forrester earlier this year.
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